Member Info for phenomenonnick

Just been looking back at this thread to remind myself where we’ve come from. In August I said there would be a restructure and the deal would be below nominal value (draft told me I must be on magic mushrooms). I was in at 2-3p in HH days originally. Then in Sept the DBOX deal was announced and we were told it would be at 1.1p per old PLMO share. The RTO is now happening at 0.7p per old PLMO share. I agree it could shoot up - but it kind of needs to given the placing was 1p. Did I miss something? Has anyone seen an explanation of why we went from dealing at 1.1p to dealing at 0.7p?

Despite the apparent contradiction, both posts from earlier today are true, in my view. The track record of small investment companies on AIM has been awful. GUN, YOLO, and RGO/PRS are the ones I’ve got involved with and lost five figure sums on so far. The £6m rule is a good one - any smaller and the running costs swallow the return. Look at PIRI - the largest investment goes from 16p to 66p and our share price stagnates as salaries and running costs swallow up the returns. The board needs to do an RTO. If they can’t find one maybe it’s time to retire. If there isn’t an RTO by the next AGM I’m voting against everything and everyone until we get change.

Ok, looks like assets now more like 3.2p per share - half of them cash though, giving the company enough cash to do due diligence and fund the cost of an RTO without selling the ECO holding. This has to be one of the best shells out there - as long as the board get a move on.

That was the 18 Jan value - ECO up 20% since then.

Where’s that number from ?

At 65p per ECO share I think it's more like 4p than 6p isn't it? Based on last month's update and the uplift since 18 Jan.

Still a much bigger discount than it should be. Current situation can't continue, at some point this will rocket. But I've thought that for years now!

Exactly - and hopefully "good use" means something more than being a small investment company that permanently trades at a discount to net assets!

Exactly, ICL. Think I got out at 0.12, a 20% loss. Call me George Soros!

Just checking in here for the first time in a few months. Looks grim - fundraising needed before June, if it's around the current price I suspect I can kiss goodbye to my warrants that expire in November!

Jeepers. That placing is nice work if you can get it - if the deal doesn't complete you aren't risking anything; if a deal completes and the shares tank you've got an IOU and you get your money back within 3 months; if a deal completes and goes well (or goes sideways) you can convert to shares at a 25% discount to the deal price.

From my reading of it, Resolution 5 is to issue shares, but only to existing shareholders first. It's resolution 6 I object to. If I'm right that allows the existing board to dilute existing shareholders by almost 80%, virtually wipe us out, by issuing shares to anyone they choose at any price above 0.25p each. I don't see any justification for it. If they need cash to pay the bills they should sell some investments. If they want to do an RTO they need to come back to us for approval anyway. It's an awful resolution and I don't see a reason to vote for that one either.

Ok it's out. I see John May, 70, is up for re-election. £25k a year. Shareholding nil. 4 years service so far with no RTO in sight.

Anyone got a credible reason to vote to put him back on the board?

The RNS for the AGM is out... obviously despite saying the notice itself is on the website, it isn't as yet. Classic PIRI...

I see it's on 15 October. Presumably we will be approving the accounts for the year to 31 October 2017, which means we're doing so with just two weeks of the current financial year left.

How much longer do directors with negligible shareholdings get left to draw pensions dressed up as salaries before we see a credible RTO proposal?

OUCH, Welshie! Mine was 3.2p until this morning. It's now 4.4p and rising fast!

Bought 68,500 this morning but it took 10 trades!

There’s a fair chance this is another EVRH - I bought pre suspension and with hindsight should have piled in on day one taking shares at a small premium to the Placing price from people whose trading model is buying placings and selling out for modest profits repeatedly. Hopefully this will similarly go up tenfold as people spot the potential and we see decent news flow.

Yes PIRI in practice is a cash shell trading at NAV. Hopefully they'll do a decent RTO soon. I agree that long term a tiny investing company doesn't make a lot of sense. A good RTO could see PIRI fly but it's not the most sensible route to getting exposure to Guyana!

Mcap £900k at the mid price. Assets I suspect around £1.1m but the point is it’s an attractive shell. Trouble is, it has been for six years. Not sure how much longer investor patience will hold - hopefully the delayed AGM is because they’re working on something exciting and not asleep at the wheel.

Fourprinces I don't think that's quite right, but hopefully not too far off. They bought 3.125m originally but sold some to fund running costs. The last annual accounts had a value on ECO of £424k at 31 October 2017 when the share price was 22, half the price after this morning's rise in ECO. Suggests a value of £850k on what's left of the original holding. However there's also 1m additional shares bought in March 2018 for £176k by exercising warrants, which I think are now worth £440k. So a max of £1.29m but looking at the interims, the entire investment portfolio was £800k at 30 April 2018. So I suspect the true number is more like £1m now. And frankly we aren't going to get rich with a £1m investment fund and the headwind of the costs of being a plc. Time to sell ECO and get on with a decent RTO.

One of the things I’ve always liked about PIRI is that its status as an investing company means it doesn’t have the time constraints that a company classed as a cash shell does. However, as PLMO follows KIN in announcing an acquisition within the 6-12 month timescale, I’m left musing on whether I’ve got it wrong and the time adds a bit of useful pressure. Our illustrious chairman announced RTO plans some six years ago now. Not only has he not got round to doing a deal, he hasn’t got round to buying any shares. Given he’s now in his mid 70s this is starting to look like a pension isn’t it? Let’s hope the continued lack of news re this year’s AGM is because there’s an exciting tech deal in the offing, and not because the board’s fallen asleep. I surely can’t be the only shareholder to be getting frustrated here.

From what we can see today this looks great, be good to see the detail in the months ahead. A modest profit on my remaining holding. I nearly bought in the week when the price dipped below .6 but bottled it. Well done all who had more faith than me! Can the board of PIRI please get a move on!

I think the other half of that quote is be fearful when others are buying! Hopefully it’ll go well. Calm down Willec there’s nothing unexpected here yet and whilst I don’t share your view, if I held it I wouldn’t be changing it now. KIN went right to the end of the suspension period and should be great and had similarly low assets. You’ve got six months left, I’m sure NB can pull off a deal in that timeframe.